On June 10, we noted, “Post-split, we don’t expect the stock to stay down for long. In fact, with the artificial intelligence boom and powerful earnings fueling momentum, NVDA could easily run right back to $1,000 in a few months.”

At the time, NVDA traded at $120. Today, it’s up to $129.53 and flying.

Helping, analysts at Evercore ISI just raised its NVDA price target to $145. Argus also raised its price target to $150 with a buy rating. Oppenheimer raised its target to $150 and kept its outperform rating on the stock.

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Also, remember, that the AI boom shows no signs of slowing.

According to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030.

Plus, consider this. Artificial intelligence-related spending will make up about 8% to 10% of IT budgets in 2024, according to Wedbush. “This demonstrates a remarkable acceleration in AI spending after it comprised less than 1% of IT budgets in 2023,” added Seeking Alpha.

All of which could easily send NVDA back to $1,000 a share.


Ian Cooper